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"Compared with other online luxury platforms, our company is built around competitiveness," said Hong Xiaobo, chief operating officer of the company.

"China's supply-side reform has reduced overcapacity in the steel industry by closing down those with issues of pollution and outdated capacity while controlling new capacity construction, and helped reduce steelmakers' debt levels. But we expect the government will continue to fortify the results of the supply-side reform and focus more on upgrading the steel industry."

"Considering the size of Baowu and Shanghai Futures Exchange, this is a world class collaboration," said Jiang Yan, chairman of the Shanghai Futures Exchange.

"China's economy is still in a tug-of-war between headwinds and policy easing," said Lu. The central bank has suggested balancing policy easing with the need to control financial risks, given the rapid rise of debt and volatile stock markets.

"Customers who bought goods outside were scratched by broken glass," he said.